medical research commercialisation fund (mrcf)

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Medical Research Commercialisation Fund

The Medical Research Commercialisation Fund has secured a total of $380 million over 3 separate funding rounds in investment capital and membership now includes 50 medical research institutes and research hospitals spanning Western Australia, Victoria, New South Wales, Queensland, South Australia and New Zealand.

The fund's focus is on the medical research field intending to commercialise Australian research locally to improve the economic outcomes that flow from research investments.

The Western Australian Government financial support has led to access to substantial investment in 3 of WA’s medical companies with a commitment of $28.5 million subject to milestones with $27.5 million of this commitment since 2017. This has led to 25 jobs being created in the newly established companies.

• OncoRes Medical

OncoRes Medical  is an intraoperative imaging technology company that assesses the completeness of tumour removal during surgery. They have been awarded $1 million in funding as part of the Australian Government’s Medical Research Future Fund BioMedTech Horizons program.

Company awards:

• Won the Global Entrepreneur of the Year 2018 in the Pitch@Palace competition that was held at St James Palace, London in December 2018.
• Winner of 2019 Value Award at the Wilson Sonsini Goodrich & Rosati’s 27th Annual Medical Device Conference held in July in Los Angeles. As the 2019 Value Award winner, OncoRes Medical received a $25,000 non-dilutive cash prize and a profile in an issue of the MedTech Strategist  – an internationally renowned medical journal which tracks the latest trends in a constantly evolving medtech marketplace.
• Winner of Tech23’s Greatest Potential Award - Australia’s national celebration of deeptech innovation. 
• Winner of the Emerging Company of the Year at the 2019 Ausbiotech Conference.
• Respirion Pharmaceuticals

Founded in 2018, Respirion Pharmaceuticals is an early-stage biotechnology company focused on developing new treatments for respiratory disease. The company is a spinoff of the Telethon Kids Institute where the technology was developed. The company is developing the technology both in Australia and in the United States.

• Best Presentation in Infection, Microbiology and Immunology at the 13th Australasian Cystic Fibrosis Conference held in Perth in August 2019.

Related resources

Provided by.

WA Industry Link Telephone: 61 8 6277 2999 Email: [email protected] WA Industry Link website

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Company Profile

Medical research commercialisation fund.

• http://www.mrcf.com.au/

About Medical Research Commercialisation Fund

The MRCF Collaboration, established and managed by Brandon Capital Partners, provides seed and venture capital investment to support the development and growth of Australian and New Zealand life science companies. The MRCF is a unique collaboration between major Australian superannuation funds, over 50 leading medical research institutes and research hospitals in Australia and New Zealand and CSL. The MRCF supports the development and commercialisation of biomedical discoveries originating from these member research organisations, providing both capital and expertise to guide the successful development of new therapies. Current MRCF funds are the MRCF3 ($200 million) and the MRCF-BTF ($230 million). The MRCF is supported by the Australian and New Zealand governments, as well as the state governments of Victoria, New South Wales, Western Australia, Queensland, South Australia and the Australian Capital Territory

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Brandon Capital Partners Raises AU$200M New MRCF Fund

New fund is Australia's largest ever life science focussed venture fund

April 20, 2015 05:00 PM Eastern Daylight Time MELBOURNE & SYDNEY, Australia--(BUSINESS WIRE)--Brandon Capital, one of Australia's leading life science venture capital firms, today announced that it has closed an AU$200Million life science venture capital fund for the Medical Research Commercialisation Fund (MRCF). The new fund (MRCF3) will be Australia's largest ever life science venture fund.

The fund is supported by existing MRCF Investors AustralianSuper and Statewide Super, which are now joined by Hesta, an existing investor in Brandon funds, and HOSTPLUS in this new fund. The MRCF Collaboration has an innovative structure, with over 50 of Australia's leading medical research institutes and research hospitals being members of the Collaboration and providing the investors with access to Australia's latest medical discoveries and the expertise and infrastructure to help develop them.

Around AU$50M of the new fund will be reserved for 20-30 very early seed stage investments in promising biotech or medical device technologies. The remaining AU$150M will be reserved for supporting the most successful of these and existing MRCF portfolio companies to take these opportunities through to mid-stage clinical trials in patients. Finally, under the new fund structure, each of the superannuation investors have the opportunity to invest much larger amounts of capital (tens of millions) into the most promising assets as they mature.

Dr Chris Nave, Principal Executive of the MRCF and Managing Director of Brandon Capital said:

"We believe that there is significant potential in Australian life sciences, which has always outperformed in terms of research innovation, but has fallen short when it comes to commercialising those discoveries. This failing has been largely attributed to the lack of sufficient early stage investment capital and access to hands-on investment expertise to guide the development and commercialisation of these medical technologies. The performance of the MRCF funds over the past 7 years demonstrates that its unique investment model has overcome these deficiencies."

Chairman of the MRCF, Hon. Alan Stockdale said:

"The unique MRCF model is proving to be highly successful: Last year's acquisition of Fibrotech Therapeutics, one of the MRCF's earliest investments, by Shire Plc was a landmark deal for the Australian biotechnology sector. This eyecatching acquisition was a validation of our approach to effectively support medical innovation in this country, leading to benefits for patients, for the Australian economy and returns for our investors."

The new fund is the third MRCF fund to be raised by Brandon Capital, bringing the total MRCF funds to AU$251M. The first MRCF fund was raised in 2007, with MRCF 2 (an AU$40M fund supported by the Innovation Investment Fund Scheme) raised in 2011. Brandon also raised the AU$50M Brandon Biosciences Fund 1 in 2008. Over the years these funds have participated in some of the most companies in Australian life sciences including Fibrotech Therapeutics, Global Kinetics Corporation, Osprey Medical Inc, PolyActiva, Spinifex Pharmaceuticals and Vaxxas.

Notes for editors

About Brandon Capital Partners

Brandon Capital Partners was established in 2007 and makes seed and venture capital investments into emerging businesses in the life science industry. Brandon Capital Partners is passionate about turning good science into improved medical outcomes. The Brandon team works with entrepreneurs to build businesses, creating value for the entrepreneurs, their teams and Brandon's investors. Brandon Capital manages three funds:

Brandon Biosciences Fund 1 (BBF1 IIF and BBF1 Trust) – AU$50M, established 2008 Medical Research Commercialisation Funds, MRCF Trust 1 (AU$11.1M) and the MRCF IIF (AU$40M) – established in 2007 and 2011, respectively MRCF3 Fund - AU$200M, established 2015 www.brandoncapital.com.au

About The Medical Research Commercialisation Funds (MRCF)

Managed by Brandon Capital, the MRCF funds bring together over 50 of Australia's leading medical research institutes and research hospitals; the federal government and the governments of Queensland, New South Wales, Victoria, South Australia and Western Australia.

The MRCF's first 2 funds, the MRCF Trust and MRCF IIF, totalling AU$51 million were established in 2007 and 2011 and were supported by AustralianSuper, StatewideSuper and the Australian Government through its Innovation Investment Fund (IIF) program.

Continuing on the same model, the new AU$200M MRCF3 fund announced today is supported by the AustralianSuper, StatewideSuper, HESTA and HOSTPLUS Industry Super Funds.

For further information please visit: www.mrcf.com.au

Contacts Further Information: Brandon Capital Dr Chris Nave Managing Director t: +61 (0)9657 0700 e: [email protected] or Instinctif Life Sciences Dr Douglas Pretsell Senior Consultant t : +61 (0)466 925 966 e: [email protected]

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Erica Kneipp tapped for $700m biotech fund

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Former assistant secretary of the Department of Health Erica Kneipp has been tapped to join the board of Medical Research Commercialisation Fund as the pandemic supercharges an opportunity to boost Australia's biotech capabilities .

Ms Kneipp, head of health and medical research strategy at the Australian National University, was at the centre of the creation of the federal government's $20 billion Medical Research Future Fund, and the $500 million Biomedical Translation Fund.

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About CUREator

• CUREator+ Dementia and Cognitive Decline

Life science researchers and entrepreneurs encouraged to seek investment from new $40m Australian biotech incubator

Melbourne, australia, november 11, 2021 – life science researchers and entrepreneurs encouraged to seek investment from new $40m australian biotech incubator.

• Expressions of interest open for Australia’s first, $40m MRFF-backed national biotech incubator, CUREator
• Dr Simon Wilkins announced as Head of Operations of CUREator, joining from the University of Melbourne, where he was Co-founder and Director of Translating Research at Melbourne (TRAM)

Australian biotech researchers and entrepreneurs are being encouraged to apply for funding from Australia’s first national biotech incubator, CUREator, established with $40m funding from the Federal Government’s Medical Research Future Fund (MRFF).

The incubator, run by the Brandon Capital-managed Medical Research Commercialisation Fund (MRCF), aims to nurture up to 40 promising research discoveries, and early clinical stage assets, over the next three years to a point where they are ready for further investment.

Expressions of interest are now being sought for the first cohort, with funding to be awarded in early 2022.

“CUREator is for any biomedical researcher who has had that crucial ‘aha’ moment,” says Dr Simon Wilkins, the newly appointed Head of Operations, and a research commercialisation veteran who is joining from the University of Melbourne. “We classify this as the moment a researcher realises their discovery could change a disease state and make a real impact in the world.”

“Australia already produces some of the world’s leading biomedical research and we have a proven pedigree in clinical development, however, many promising discoveries are still not getting to the point where they can be developed into new drugs and therapies. We want to change this and give this field the runway and support here in Australia to go and capture global markets, just as our trailblazing tech companies have.”

Incubator eligibility

CUREator will deliver two streams of activity and any Australian small to medium size enterprise (SME), or life science researcher at an Australian university or research institute, is eligible to apply for funding.

The first stream of $20m will provide capital and hands-on expertise to guide the development of at least 25 promising preclinical biomedical technologies through to proof of concept where they are ready for further investment. Successful applicants will have already established, or will establish a company structure, as part of the incubation process.

The second stream of $20m will provide capital to support the clinical development of novel, clinical stage drug therapies to treat disease. Opportunities that successfully receive funding through this stream, will also have the opportunity to apply for matching investment from the MRCF.

Together, both streams will result in up to a further $60m being invested into the biotech industry over the next three years. Companies that successfully go through the incubator programme may also be eligible for follow on investment from the MRCF’s $700m life sciences fund, the largest in Australia and New Zealand.

Building a pipeline

“Up until now, Australia’s life science investment community has only been able to choose from a small number of ripe, investment-ready biomedical discoveries,” continues Dr Wilkins. “With CUREator, we have the ability to nurture an entire orchard of opportunities on the path to commercialisation in a systematic way. It’s so exciting, it’s going to be a gamechanger.”

Despite Australia ranking in the top few countries globally for biomedical research, the long-time horizons, and capital-intensive nature of biotech investment, means commercialising promising biomedical discovers is challenging, especially as compared to tech commercialisation, Dr Wilkins says.

“With CUREator, we now have the capital, national co-ordination and access to Brandon Capital’s proven commercialisation expertise, to fund and nurture the next generation of Australian biomedical discoveries.”

Dr Chris Nave, CEO and co-founder of the MRCF, says that while this initial three-year funding round for CUREator is an important step forward, the reality is that gaps, or even chasms, remain in terms of access to adequate capital for biotech translation. “This is a great start, however, the reality is that to have a meaningful, long-term impact, Australian medical researchers and biotech entrepreneurs require permanent access to this type of funding, and more of it. Only with this type of funding can we achieve the type of health and financial dividends the country deserves for its significant level of annual investment into the sector.”

“While CUREator will provide grant funding, our strategy is to deploy it like venture capitalists, with clear milestones and deliverables.”

Dr Anne-Laure Puaux, Head of Biotechnology and Commercialisation at WEHI, says CUREator will be an incredibly helpful tool in bridging the gap from where traditional research funding ends but before seed investment begins. “There are many promising life science research projects that, until now, have progressed as far as they can with research funding but aren’t at a point where they are a viable investment. This will be a powerful tool to help more promising Australian medical discoveries to be commercialised.”

Dr Wilkins brings over 20 years of experience in research commercialisation, business development and technology advisory. In 2016 he co-founded Translating Research at Melbourne (TRAM), a cohort-based experiential program to develop the entrepreneurial capability and business skills of researchers at the University of Melbourne and across the Parkville Biomedical Precinct. TRAM has now trained over 350 researchers, attracted over $6M in investment and accelerated the establishment of nine research-based start-ups.

Simon is also an adjunct associate professor with the Melbourne Business School, teaching into the award-winning, BioDesign Innovation program, and serves on the Board of Directors for Knowledge Commercialisation Australasia (KCA), the peak body leading best practice in industry engagement, commercialisation and entrepreneurship for research organisations.

For those interested in finding out more about CUREator eligibility, a webinar has been organised for midday AEDT Wednesday 17 November. Please register here .

Note to Editors:

For further information or to arrange an interview, please contact:

Ciara Byrne, Mana Communications, [email protected] , +61 41 3519 430

Caleb Hulme-Moir, Mana Communications, [email protected] , +64 (0) 220 698 065

About the Medical Research Commercialisation Fund (MRCF) and Brandon Capital Partners

Brandon Capital Partners is a venture capital firm that manages the Medical Research Commercialisation Fund (MRCF), Australia and New Zealand’s largest life science investment fund, with more than $700 million under management. The MRCF is a unique collaboration between major Australian superannuation funds, the Australian and New Zealand governments, Australian state governments and more than 50 leading medical research institutes and research hospitals. The MRCF supports the development and commercialisation of early-stage biomedical discoveries associated with member research organisations, providing both capital and expertise to guide the successful development of new therapies. The MRCF has supported more than 46 start-up companies to date, most of which were founded by the MRCF.

For more information about the MRCF visit: https://biocatalyst.mrcfplatform.com/

For more information about Brandon Capital Partners visit: www.brandoncapital.com.au

Delivered by the Brandon Capital-managed MRCF, CUREator is backed by the Australian Federal Government’s Medical Research Future Fund. The MRFF’s $80 million Medical Research Commercialisation Initiative aims to support early-stage health and medical research and innovation in Australia through to proof-of-concept and beyond, providing opportunities for commercialisation. CUREator is responsible for managing a $40m portion of this fund which is dedicated to supporting novel therapeutics and preclinical medical research.

For more information about CUREator visit: biocatalyst.mrcfplatform.com/cureator

Brandon Biocatalyst is managed by Brandon Capital

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$4m investment to accelerate drug discovery

Thanks to a creative risk-sharing agreement with CSIRO, Melbourne start-up biotech company MecRx has secured a $4 million investment from the Medical Research Commercialisation Fund (MRCF) to advance its breakthrough technology for accelerating drug discovery.

23 March 2016 News Release

Under the agreement, CSIRO is assisting MecRx in validating its technology platform, which is being used to create promising starting points for new anti-cancer drugs. 

CSIRO shared the research and development costs in return for a mixture of milestone payments and shares in MecRx, based on their success. Today, CSIRO has a 14.6 per cent equity stake in the company.

The CSIRO risk-sharing agreement, combined with a Victorian government Innovation Voucher, enabled MecRx to secure the significant MRCF investment. 

“MecRx is a shining example of how the research and commercial sector can work together to accelerate Australian innovation and make a significant commercial impact,” MecRx board director Dr Chris Smith said.

“CSIRO and the Victorian government were crucial in getting our technology off the ground – without their funding support and expertise the idea would never have been tested and the huge potential our platform offers for new drug discovery would have gone unrealised.”

MecRx and CSIRO have now joined forces with the world-leading Peter MacCallum Cancer Centre to develop and test a promising drug lead for inhibiting the biological target cMyc – a key driver of destructive cell mutation in many cancers.

If successful, the drug could be tested in cancer patients within a few years.

CSIRO’s chemistry group leader, Dr Jack Ryan, said an effective way to successfully inhibit cMyc has eluded scientists across the world for the past 30 years.

“We’re delighted to see this work translated to drug development, which we hope will ultimately lead to clinical trails through our partners at Peter Mac and commercialisation of the world’s first cMyc drug,” Dr Ryan said.

Peter Mac’s associate director for laboratory research, Professor Ricky Johnstone, is optimistic about the initial cMyc drug results.

“The drug lead directly targets cMyc, a protein which causes cancerous cells from a wide range of organs and tissues to divide uncontrollably,” Professor Johnstone said.

“If successful, the resulting medicine would have broad application in a large number of cancers.”

CSIRO works with around 100 biomedical companies each year to advance treatments and bring new world-class health technologies to market.

“Since its inception, CSIRO has created more than 150 companies and holds interests in about 30," Dr Ryan said.

"We’re also Australia’s largest patent portfolio and issues around 80 licenses each year, many to Australian businesses.”

Background information

About the medical research commercialisation fund (mrcf).

Established and managed by Brandon Capital Partners, the MRCF Collaboration brings together more than 50 of Australia’s leading medical research institutes and research hospitals, the Australian Government and the state governments of Victoria, New South Wales, Western Australia, Queensland and South Australia.

The MRCF’s first two funds were supported by the superannuation funds, AustralianSuper and StatewideSuper, and the Australian Government through its Innovation Investment Fund (IIF) program.Continuing on the same model, the newest AU$200M MRCF3 fund is supported by AustralianSuper, StatewideSuper, HESTA and HOSTPLUS industry superannuation funds and managed by Brandon Capital Partners.

For more information visit: www.mrcf.com.au

About MecRx

MecRx is an early stage drug development company working on new treatments for cancer and novel mechanism of action antibiotics. Using proprietary ‘hit identification’ technology, MecRx is developing inhibitors of cMyc, a protein that is deregulated in over 50 per cent of all human cancers. MecRx draws on the expertise of the Peter MacCallum Cancer Institute and CSIRO and is headquartered in Melbourne, Australia

For more information about MecRx visit: www.mecrx.com

Mutation and deregulation of the cMyc oncogene contributes to the formation and maintenance of many human cancers. Tumours with elevated levels of cMyc often exhibit highly proliferative, aggressive phenotypes and are often associated with resistance to primary treatments. Over 30 years of extensive study worldwide has convincingly shown that cMyc is a compelling target for therapeutic intervention. Despite considerable efforts, no drugs that effectively target cMyc have been developed as yet.

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Bill Ferris, pioneer venture capitalist, appointed Chair of the MRCF

26 March 2020

Pioneer venture capitalist, Bill Ferris, the architect behind the Federal Government’s $500m Biomedical Translation Fund (BTF), has been appointed  Chair of the Medical Research Commercialisation Fund (MRCF).

Mr Ferris was former Chair of the Garvan Medical Research Institute and inaugural Chair of the Turnbull Government’s Innovation and Science Australia Board. Mr Ferris will take over from Hon. Peter Beattie, former Premier of Queensland, who will remain on the MRCF Board.

In other changes, Hon. Robert Knowles, a former Minister of Health for the State of Victoria will join the Board, replacing the MRCF’s inaugural Chair, The Hon. Alan Stockdale, former Treasurer of the Victorian Government and former Federal President of the Liberal Party, who stepped down after 11-years in the role.

“At a time when a biotech company, CSL, has become more valuable than one of our largest banks or BHP, we see a glimpse of what Australia’s future can be,” Mr Ferris says. “In order to create more CSLs, we need to foster innovation and not squander the health and medical infrastructure that has been built up.”

“The MRCF is a nationally important entity which exists to commercialise our most promising biotech innovations, contributing to the country’s economy and improving our national health system. I’m really delighted to give my support to this mission.”

Venture Capital firm, Brandon Capital, established the first MRCF fund of $30m, 13 years ago, with a focus on commercialising early stage biomedical discoveries. Today, with over $700m under management, it is the largest life science investment fund across Australia and New Zealand.

Dr Chris Nave, CEO and co-founder of the MRCF, says at this time of unprecedented change as the world tackles COVID-19, it highlights the vital importance of Australia’s medical research capabilities and infrastructure.

“Medical science and research will ultimately provide a solution to COVID-19. We are so fortunate that we have the research capability in Australia to be a leading part of the global response. It is only because of years of forward thinking and investment by successive Australian governments that we are in this position. Not only does our medical research capability equip our nation to tackle challenges like COVID-19, it also offers a future industry that will provide sustainable jobs and income for the country. Bill’s expertise, as one of Australia’s most accomplished and visionary venture capitalists will help shape and drive the MRCF into this future,” Dr Nave says.

“The MRCF was established to make capital available to commercialise world-class research. Through the MRCF, we now hold enough capital to put $20 – $30m into companies carrying out phase one and two trials. This was simply not possible five years ago. The next steppingstone for the industry is to access sufficient capital to support phase three trials, which need upward of $100m per investment. By doing this, we will create the CSL’s of the future,” Dr Nave says. “While we aren’t there yet, we do have the pools of capital available through our superannuation funds, provided we continue to demonstrate returns and build confidence.”

“The MRCF has undergone a dramatic expansion in scope and purpose over the last 13 years,” Hon. Peter Beattie says. “Bill joins us at a critical and exciting time as we continue to build the country’s biotech capabilities.”

As engineer of the BTF, Mr Ferris oversaw the creation of a biotech investment fund which  emboldened and enabled major super funds to match government investment to provide much needed capital to develop biomedical discoveries in Australia.

Read the original press release here .

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August Medical Research Commercialistaion Fund meeting update

Friday, 29 November 2019

NI's Health Business Development Mangager, Dr David Fox , attended the August Medical Research Commercialisation Fund (MRCF) meeting in Wellington, NZ.

The MRCF provides venture capital-style seed and early stage funding to innovative research to support its commercialisation. MRCF members include leading medical research institutes from Australia and New Zealand, which peer review the investment proposals made by researchers at those institutions. Several of the successful MRCF supported research has led to the formation of companies that have listed on the Australian stock exchange.

Along with the ability to support applications from HMRI-based researchers, attending the MRCF allows NI to engage with the representatives from the MRCF medical research institutes from Australia and New Zealand along with Brandon Capital Group, the well-respected life sciences fund manager. Involvement with the MRCF has already led to collaborative research for our researchers with more opportunities expected in the future.

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Investment in Verva Pharmaceuticals by the Medical Research Commercialisation Fund (MRCF)

Melbourne, Australia (27 October, 2011). Verva Pharmaceuticals Ltd. is pleased to announce that the Company has secured an investment of AUD 500,000 from the Medical Research Commercialisation Fund (MRCF) managed by Brandon Capital Partners. The financing is an extension of the AUD 2 million financing approved by shareholders at Verva’s Annual General Meeting held in April this year*. Under the terms of the investment, MRCF IIF, LP ILP 0000082 will be issued dividend-bearing Class A preference shares with associated redemption rights and liquidation preferences. Verva CEO Vince Wacher noted: “We are very pleased to have completed the additional financing, which will significantly advance the identification of Verva’s next-generation diabetes medicines. The addition of MRCF to Verva’s shareholder register provides additional validation of our portfolio of assets.”

Principal Executive of the MRCF, Dr Chris Nave, commented that the MRCF was very pleased to have the opportunity to invest in the clinical stage program.

“Verva is developing an extremely promising new therapy for the management of type 2 diabetes and provides another great example of the world class medical research being conducted by MRCF Members. It is particularly pleasing that this technology, developed within the laboratories of the Institute of Biotechnology/ BioDeakin at Deakin University in Victoria, has been able to progress through early stage development and testing, to now be in a significant study in patients also in Victoria. This demonstrates the growing maturity of the Australian biotechnology sector”.

The MRCF funds will be invested in two milestone-based tranches and will be used, in part, to advance the discovery and preclinical development of novel diabetes therapies (termed VVP100X) being undertaken by Verva in partnership with the Metabolic Research Unit of Deakin University, an MRCF member institution.

About Verva

Verva Pharmaceuticals Ltd. is a clinical-stage pharmaceutical company developing novel therapies to treat diabetes and to prevent and treat obesity. Verva’s lead product VVP808 is a non-thiazolidinedione, non-PPAR-modulating insulin sensitiser currently undergoing phase 2a clinical proof-of-concept testing in type 2 diabetes. The active ingredient of VVP808 was originally approved in North America over 50 years ago in an unrelated indication. Its unexpected anti-diabetic activity was identified using Verva’s proprietary GES discovery platform. VVP808 clinical data are expected in April, 2012. In preclinical studies, VVP808 also demonstrated additional benefits such as weight and fat loss and potential glucose-lowering synergy in combination with metformin. In addition to VVP808, Verva’s pipeline includes: (i) a program to elucidate the molecular target responsible for the VVP808 glucose lowering effect; (ii) a drug discovery program (VVP100X) developing next-generation insulin sensitizers based on VVP808 structure and mode-of-action;(iii) preclinical proof-of-concept with two obesity-focused technologies that block de novo fat formation; and (iv) the GES diabetes discovery and diagnostic platform. Further information can be found on the company’s website www.vervapharma.com.

About the Medical Research Commercialisation Fund (MRCF)

The $51 million Medical Research Commercialisation Fund (MRCF) Collaboration is an innovative investment collaboration established in 2007 and managed by Brandon Capital Partners. The MRCF invests in early stage development and commercialisation opportunities emanating from its membership of 30 Australian medical research institutes and allied research hospitals. The MRCF IIF, LP fund is supported by AustralianSuper, StatewideSuper and the Australian Government under its IIF program. The MRCF also acknowledges the support of the State Governments of Victoria, New South Wales, Western Australia and Queensland. Further information can be found on the company’s website www.mrcf.com.au.

* On Friday 29 April, 2011, Verva shareholders approved an AUD 2 million investment by GBS Venture Partners Ltd. (Genesis IIFF Trust), Queensland Biocapital Funds Pty Ltd. and Uniseed (Universities Innovation Investment Trusts) along with a further investment of up to AUD 500,000 by institutional or sophisticated investors [as defined in Section 708 of the Corporations Act 2001 (Cwlth)].

Vince Wacher

Australia: +61 (448) 871 479

USA: +1 (760) 271-4783

e-mail: [email protected]

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Pathios closes US$8.8M Series A and appoints Stuart Hughes as CEO to accelerate the development of our first-in-class therapies.

OXFORD, UK, 18 DECEMBER 2019

Pathios Therapeutics Limited (“Pathios”), an innovative biotech company focused on the development of first-in-class therapies for autoimmune diseases and cancer, today announced a US$8.8M Series A financing round with leading international healthcare investors Canaan and Australia’s Medical Research Commercialisation Fund managed by Brandon Capital (“MRCF”).

Pathios also announced the appointment of Stuart Hughes as Chief Executive Officer and Director. Formerly Senior Director and Head of Pharmacology at Vertex Pharmaceuticals (Europe) Limited, Stuart is seasoned in drug discovery and development, with a breadth of experience leading translational drug development programs across a range of therapeutic areas.

Tom McCarthy, Executive Chairman and Co-Founder, commented: “We established Pathios to capitalize on emerging scientific evidence that the pH sensing GPCR, GPR65, is a critical regulator of T-cells and tumour associated macrophages. We are proud of the recent progress we’ve made to expand the founding team and the acceleration of our drug discovery efforts following close collaboration with the team at Sygnature Discovery and their investment earlier this year. We are now on the verge of clearly defining the biological processes GPR65 controls, it’s genetic links to disease and how small molecules can modulate its signalling. As we push ahead, we are delighted to have additional support from such well-credentialed investors and to welcome Stuart to Pathios. He is a proven leader and strong communicator who possesses the skills and experience to execute on the Company’s strategy.”

Pathios’ drug discovery programme is aimed at modulating the activity of GPR65. The company targets its signalling in cells of the immune system. Many pathological environments are characterized by abnormally acidic pH which signals to local immune cells leading to profound and unfavourable changes in their characteristics. A key mediator of these effects is GPR65 which is highly expressed on cells of both the adaptive and innate immune systems. Pathios is developing novel drugs to suppress the harmful signalling brought about by GPR65.

This drug target is characteristic of certain T helper 17 (Th17) cell populations which have been shown to contribute significantly to the pathology of autoimmune conditions, such as ankylosing spondylitis and psoriatic arthritis. In addition, recently published studies have demonstrated GPR65 drives tumour associated macrophages (TAM) to adopt a phenotype that supports cancer immune evasion.

Stuart Hughes, Chief Executive Officer of Pathios Therapeutics Limited, commented: “I am thrilled at the opportunity to lead Pathios Therapeutics at such an exciting time in the company’s journey. Pathios has an excellent foundation for exploiting the therapeutic potential of GPR65 in the immune system. I look forward to working with the team and building on the excellent science done so far to bring that to fruition. I am also delighted to see the company backed by such high-calibre investors, enabling us to accelerate our drug discovery efforts.”

Chris Nave, Partner at Brandon Capital, commented: “Pathios represents a compelling opportunity to deliver first in class medicines that modulate a key pH-sensing GPCR in a pathological low pH environment. We are pleased to be working with Tom again after being one of the early investors in Spinifex. We are also pleased that our investment facilitates the ongoing collaboration between Pathios and Dr Jess Holien at Melbourne’s St Vincent’s Institute (SVI) of Medical Research and the Pathios team are exploring other collaborative opportunities with MRCF members given Australia’s internationally recognised track record in immunology and oncology translational research.”

Brent Ahrens, General Partner at Canaan, added : “This is Canaan’s third time backing Tom – with his track record at Spinifex and Grey Wolf, it’s easy to see why. The addition of Stuart – with his significant experience as a drug discovery expert and leader – makes this opportunity even more appealing. The team is poised to develop first-in-class therapies in autoimmune disease and immuno-oncology. We are thrilled to be supporting this exceptional team as they execute an ambitious vision.”

About Pathios

Launched in 2017, Pathios is a drug discovery and development company focused on translating innovative science into new medicines.  Pathios was founded by a team of experienced biotech and pharmaceutical industry professionals, entrepreneurs and clinicians.  The Company is focused on the development of modulators of GPR65. Pathios is headquartered in Oxford, UK. For more information, please visit www.pathios.com .

About the Medical Research Commercialisation Fund (MRCF) and Brandon Capital Partners

Brandon Capital Partners is an early-stage venture capital firm that manages the Medical Research Commercialisation Fund (MRCF); Australia and New Zealand’s largest life science investment fund. The MRCF is a unique collaboration between major Australian pension funds, the Australian and New Zealand governments, Australian state governments and more than 50 leading medical research institutes and research hospitals. The MRCF supports the development and commercialisation of early-stage biomedical discoveries originating from member research organisations, providing both capital and expertise to guide the successful development of new therapies. Brandon Capital currently manages 5 funds, totalling more than AU$800 million. Brandon Capital has offices in Melbourne, Sydney, Auckland and Palo Alto, California. For further information, please visit:  www.brandoncapital.com.au .

About Canaan

Canaan is an early stage venture capital firm that invests in entrepreneurs with visionary ideas. With $5B under management, a diversified fund and hundreds of exits to date, they partner with entrepreneurs building the next generation of consumer, fintech, frontier tech, biotech and digital health companies that will transform how we live, work and thrive.  To learn more about Canaan’s people and our portfolio, please visit:  www.canaan.com .

Pathios Therapeutics Stuart Hughes Chief Executive Officer +44 1865 292 039 [email protected]

Privacy Overview

Biotechdispatch – BTF backs creation of Certa Therapeutics

The Medical Research Commercialisation Fund (MRCF) and Uniseed have announced a $25 million investment in Certa Therapeutics.

The investment is comprised of $22 million from the federal government’s Biotechnology Translation Fund (BTF), the single largest investment by the fund, and $3 million from Uniseed. Certa is initially targeting kidney disease, where scarring leads to kidney failure and ultimately dialysis or kidney transplantation.

Certa said its novel drugs block a receptor that is a key driver of this fibrosis. It said it is able to use genetic analysis to identify those patients that are most likely to benefit from the therapy. There are currently no treatments available for kidney fibrosis. Kidney disease is a major killer and a significant cost to the Australian economy. Approximately 53 Australians die each day from kidney-related diseases.

The CEO and founder of Certa Therapeutics is Professor Darren Kelly. He says the company’s fibrosis treatment could be on the market within five years. “It’s an incredibly exciting time to be working in medical science. The amount of stored genetic material at our fingertips is immense. Access to this genetic data is transforming how we treat diseases. Rather than creating drugs that work for majority of the population, we can now tailor our treatment based on an understanding of genetic make-up. The implications of this for fighting disease are profound.”

MRCF and Uniseed acquired clinical development candidates from Shire to support the creation of Certa. In exchange, Shire has an 18 percent equity stake in the company and is eligible to receive royalties on future global product sales.

The $500 million Biomedical Translation Fund was created by the federal government in 2016. Brandon Capital has been appointed to manage the largest pool of funds, worth $230 million. “The scale of this investment has been made possible by the Biotechnology Translation Fund,” said Dr Chris Nave, CEO of the MRCF and managing director of Brandon Capital. “In many ways this investment represents the raison detre of the BTF, taking great Australian medical science and providing it with access to sufficient capital to enable its continued, late stage, clinical development in Australia. The BTF was designed to be transformative for our local industry, providing the ability for research discoveries to be developed from concept to commercialisation right here in Australia, creating jobs and growing a sustainable industry along the way.”

“Certa’s technology is at the forefront of efforts to treat kidney disease and provides another great example of the world leading biotechnology research being conducted in Australia,” said Dr John Kurek, investment manager at Uniseed.

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